XML 44 R31.htm IDEA: XBRL DOCUMENT v3.24.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Domestic and International Components of Income (Loss) Before Income Taxes

The domestic and international components of income (loss) before income taxes are presented for the years ended December 31, 2023, 2022, and 2021:

	For the year ended
	2023				2022				2021
Domestic	$	6,993,316			$	20,546,466			$	(19,784,397	)
Foreign		2,057,588				568,201				(1,591,596	)
Income (loss) before income taxes	$	9,050,904			$	21,114,667			$	(21,375,993	)

Summary of the Company's Income Tax Expense (Benefit)

The following is a summary of our income tax expense (benefit) for the years ended December 31, 2023, 2022, and 2021:

		For the year ended December 31, 2023
		Federal				State				Canadian				Total
Current		$	191,115			$	33,326			$	480,391			$	704,832
Deferred			(10,477	)			(1,596	)			(3,288,615	)			(3,300,688	)
Total		$	180,638			$	31,730			$	(2,808,224	)		$	(2,595,856	)
		For the year ended December 31, 2022
		Federal				State				Canadian				Total
Current		$	170,874			$	27,020			$	320,639			$	518,533
Deferred			(499,077	)			(76,050	)			(498,191	)			(1,073,318	)
Total		$	(328,203	)		$	(49,030	)		$	(177,552	)		$	(554,785	)
		For the year ended December 31, 2021
		Federal				State				Canadian				Total
Current		$	182,034			$	32,559			$	—			$	214,593
Deferred			(1,750,248	)			(266,704	)			(8,916	)			(2,025,868	)
Total		$	(1,568,214	)		$	(234,145	)		$	(8,916	)		$	(1,811,275	)

Schedule of Income Tax Expense (Benefit) Reconciled to the Hypothetical Amounts Computed at the U.S. Federal Statutory Income Tax Rate

Income tax expense (benefit) is reconciled to the hypothetical amounts computed at the U.S. federal statutory income tax rate for the years ended December 31, 2023, 2022, and 2021:

	Year Ended December 31, 2023				Rate
Expected tax at statutory rate	$	1,900,690				21.0	%
Non-taxable REIT (income) loss		(1,243,204	)			-13.7	%
State and local income tax expense - net of federal benefit		25,066				0.3	%
Foreign income taxed at different rates		132,010				1.5	%
Change in valuation allowance		(3,410,418	)			-37.7	%
Total income tax expense (benefit)	$	(2,595,856	)			-28.7	%
	Year Ended December 31, 2022				Rate
Expected tax at statutory rate	$	4,434,080				21.0	%
Non-taxable REIT (income) loss		(4,610,750	)			-21.8	%
State and local income tax expense - net of federal benefit		(38,734	)			-0.2	%
Foreign income taxed at different rates		47,180				0.2	%
Change in valuation allowance		(416,953	)			-2.0	%
Other		30,392				0.1	%
Total income tax expense (benefit)	$	(554,785	)			-2.6	%
	Year Ended December 31, 2021				Rate
Expected tax at statutory rate	$	(4,489,427	)			21.0	%
Non-taxable REIT (income) loss		2,655,349				-12.4	%
State and local income tax expense - net of federal benefit		(185,137	)			0.9	%
Foreign income taxed at different rates		(69,318	)			0.3	%
Change in valuation allowance		400,146				-1.9	%
Other		(122,888	)			0.6	%
Total income tax expense (benefit)	$	(1,811,275	)			8.5	%

Schedule of Deferred Tax Assets and Liabilities

The major sources of temporary differences that give rise to the deferred tax effects are shown below:

		December 31, 2023				December 31, 2022
Deferred tax liabilities:
Intangible contract assets		$	(18,111	)		$	(30,184	)
Canadian real estate			(9,887,050	)			(10,123,376	)
Total deferred tax liability			(9,905,161	)			(10,153,560	)
Deferred tax assets:
Other			1,267,292				90,563
Canadian real estate and non-capital losses			7,561,373				7,935,309
Total deferred tax assets			8,828,665				8,025,872
Valuation allowance			(667,514	)			(4,077,932	)
Net deferred tax liabilities		$	(1,744,010	)		$	(6,205,620	)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration